Bitcoin surpasses $100,000 mark, controversial figure Peter Schiff believes government and institutional intervention driving surge.

From Investing.com

December 5, 2024 8:00 AM:

Bitcoin has finally crossed the $100,000 mark, sparking excitement in the cryptocurrency market. However, critics like Peter Schiff argue that government intervention and institutional purchases are driving this surge, not natural market demand.

Schiff believes that the recent rally is fueled by speculation around Bitcoin’s inclusion in national reserves, attracting institutional investors like MicroStrategy. He sees Bitcoin as a state-backed asset in disguise, contrasting it with the stability of gold.

Despite Bitcoin’s success, Schiff questions its long-term viability and decentralized nature. Supporters view the $100,000 milestone as a validation of Bitcoin’s potential, marking a significant moment in both the crypto and traditional finance industries.

Read more at Investing.com: Bitcoin Nothing Without Government: Peter Schiff By U.Today